The Reserve Bank of India (RBI) has created a new committee to look into issues surrounding digital payments in India, and has named Infosys co-founder and former UIDAI chairman Nandan Nilekani as its chairman.
Dubbed the High Level Committee for Deepening of Digital Payments, the committee will comprise five-members from a variety of sectors.
Here are the details.
A bit about Nandan Nilekani's career
Born on June 2, 1955, Nandan Nilekani went on to get his B.Tech in electrical engineering from IIT-Bombay, and in 1981, founded Infosys with Narayana Murthy and four others. In 2009, he had been appointed the UIDAI chairman.
Other members of the high-level committee
The newly constituted committee under the leadership of Nilekani comprises members from the domains of banking, regulation, academia, and the government.
Nilekani apart, it includes Sanjay Jain, chief innovation officer, CIIE, IIM-Ahmedabad, Kishor Sansi, former chief executive of Vijaya Bank, Aruna Sharma, former secretary of Ministry of Information Technology and Steel, and HR Khan, former deputy governor of the RBI.
What responsibilities the committee has been entrusted with
As per the RBI's instructions, the committee has been given the responsibility of consulting on matters related to digital payments in India.
The role of digital transactions in improving financial inclusion, accelerating digital transactions adoption in the country, strengthening safety and security of digital transactions, and increasing customer confidence fall within the committee's responsibilities.
The committee will submit its report on the same within 90 days after holding its first meeting.